The global cannabis cultivation market is anticipated to value USD 358.8 billion until 2027. It is also expected to register a CAGR of 14.3% over the forecasted years, 2020 to 2027. The rising adoption of cannabis for the diagnosis and treatment of chronic diseases and improving legalization across various countries is projected to propel the market growth.
The hemp segment held the dominant share of 94.5% across the global market in 2019 due to the rising adoption of hemp-derived products owing to the low content of THCs. Also, legalization for the cultivation of marijuana across many countries is expected to boost market growth.
In 2019, the segment of industrial consumption dominated the global market with a 93.8% share on account of increasing usage of hemp and marijuana across food & beverages, personal care, nutraceuticals, and pharmaceutical industries. The medical consumption segment is expected to account for the highest CAGR across the global market in the upcoming years owing to surging usage of marijuana for treatment against cancers, mental disorders, and chronic pain.
The key players operating in the market are Aphria, Inc., Tilray, Canopy Growth Corporation, Aurora Cannabis, Better Holdings, The Cronos Group, Atlas Growers, and CannTrust Holdings. Rapid technological advancements undertaken by these players for cultivating cannabis and its derived products are expected to augment the market growth.
Strategies like acquisitions and mergers are being undertaken by the key players to gain a cutting edge over other players and for widening their geographical reach. For example, Tilray gained acquisition over legal marijuana investing equity firm named Privateer Holdings in 2019. This acquisition aimed at providing better control and enhanced operational flexibility in trading.
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Further key findings from the report suggest:
- In 2019, the hemp segment held the dominant share across the global cannabis cultivation market.
- The medical consumption application segment accounted for the highest CAGR across the global market from 2020 to 2027.
- Asia Pacific accounted for the highest share of around 4% across the global market in 2019.
- The key players operating in this market are Tilray, Aphria, Inc., Better Holdings, Atlas Growers, CannTrust Holdings, and Canopy Growth Corporation.
Million Insights has segmented the global cannabis cultivation market on the basis of biomass, application, and region:
Biomass Outlook:
- Hemp
- Marijuana
Application Outlook:
- Medical Consumption
- Recreational Consumption
- Industrial Consumption
Regional Outlook:
The Asia Pacific accounted for the highest share of around 4% across the global market in 2019 due to the rising pool of patients and increasing awareness about the medical benefits of cannabis. The Middle East and Africa are also estimated to register substantial growth in the upcoming years on account of the implementation of regulations and laws associated with cannabis cultivation across this region.
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